Cowan William S. Jr. 4
4 · National Storage Affiliates Trust · Filed Jun 22, 2026
Research Summary
AI-generated summary of this filing
NSA CSO William Cowan Converts 10,471 LTIP Units
What Happened
- William S. Cowan Jr., Chief Strategy Officer of National Storage Affiliates Trust (NSA), converted 10,471 long-term incentive plan units (LTIP Units) into 10,471 Class A OP Units of NSA OP, LP on June 17, 2026. The Form 4 shows a disposition of the derivative LTIP Units and the concurrent acquisition of the same number of Class A OP Units (transaction code C). No cash price is reported for this conversion (N/A).
Key Details
- Transaction date: 2026-06-17; Form 4 filed: 2026-06-22 (filed voluntarily to report the conversion).
- Transaction type/code: Conversion of derivative securities (code C); price: N/A (non-cash).
- Amount converted/acquired: 10,471 LTIP Units → 10,471 Class A OP Units.
- Shares/units owned after transaction: 197,016 Class A OP Units beneficially owned (per filing).
- LTIP holdings after transaction: 0 vested LTIP Units and 140,923 unvested LTIP Units remain.
- Notable footnotes: (F1) Class A OP Units may be redeemable for Issuer shares or cash (at the Issuer’s option) on a one-for-one basis subject to adjustments; (F2–F3) LTIP Units convert one-for-one to Class A OP Units; (F6) the reporting person disclaims beneficial ownership except to the extent of pecuniary interest; (F7) this Form 4 was filed voluntarily to give notice of the conversion.
Context
- This was an internal conversion of incentive units into partnership units, not a purchase or open-market sale. Class A OP Units are partnership interests that the issuer can, under the partnership agreement, convert or redeem into common shares or cash. Such conversions are routine compensation-related events and do not necessarily indicate a change in the insider’s market view.
Insider Transaction Report
Form 4
Cowan William S. Jr.
Chief Strategy Officer
Transactions
- Conversion
LTIP Units
[F1][F2][F3][F4][F5][F6][F7]2026-06-17−10,471→ 140,923 total→ Class A OP Units (10,471 underlying) - Conversion
Class A OP Units
[F1][F2][F3][F4][F5][F6][F7]2026-06-17+10,471→ 197,016 total→ Common shares of beneficial interest, $0.01 par value (10,471 underlying)
Footnotes (7)
- [F1]Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP (the "Partnership"), the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A common units of limited partner interest ("Class A OP Units") for cash in an amount equal to the market value of an equivalent number of the common shares of beneficial interest ("Shares") of National Storage Affiliates Trust (the "Issuer"), or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.
- [F2]Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of long-term incentive plan units ("LTIP Units") of the Partnership is entitled to convert such LTIP Units into Class A OP Units of the Partnership on a one-for-one basis.
- [F3]Consists of 10,471 LTIP Units held by the Reporting Person which were converted into 10,471 Class A OP Units.
- [F4]N/A
- [F5]The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above is 197,016 Class A OP Units, which includes those Class A OP Units previously reported and the Class A OP Units reported herein (together with those securities convertible into, or exchangeable for, such Class A OP Units as specified therein).
- [F6]This filing shall not be deemed to be an admission that the Reporting Person is the beneficial owner of any of the securities reported herein, and the Reporting Person disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein.
- [F7]Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 140,923 unvested LTIP Units. The Reporting Person previously reported the 10,471 LTIP Units that were converted into Class A OP Units as described in this Form 4 as Class A OP Units on an as-converted basis. Accordingly, this Form 4 is being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 10,471 LTIP Units into 10,471 Class A OP Units.
Signature
William S. Cowan, Jr., by Zoya Afridi, his Attorney-in-fact|2026-06-22